Coin worth $300, plastic worth $10K - what will insurance pay if lost in the mail??
Lakesammman
Posts: 17,417 ✭✭✭✭✭
Inquiring minds want to know - here's some rare plastic as an example.
"My friends who see my collection sometimes ask what something costs. I tell them and they are in awe at my stupidity." (Baccaruda, 12/03).I find it hard to believe that he (Trump) rushed to some hotel to meet girls of loose morals, although ours are undoubtedly the best in the world. (Putin 1/17) Gone but not forgotten. IGWT, Speedy, Bear, BigE, HokieFore, John Burns, Russ, TahoeDale, Dahlonega, Astrorat, Stewart Blay, Oldhoopster, Broadstruck, Ricko, Big Moose.
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Good question. I had a 9 Daniel Carr items stolen by a UPS employee right before Christmas. I am still working with ANACS to see what will be done. One of the items was the only one sold, one of the items was one of 2 sold. Many others had pops under 20. I have been told here that I will only get back my cost for the items. I had received offers from people for 3-4 times what I paid. I would be interested to see what others say about this one. When I filled out the ANACS order form I did put a value higher than what I paid but still working on a settlement.
Successful BST with drddm, BustDMs, Pnies20, lkeigwin, pursuitofliberty, Bullsitter, felinfoel, SPalladino
$5 Type Set https://www.pcgs.com/setregistry/u-s-coins/type-sets/half-eagle-type-set-circulation-strikes-1795-1929/album/344192
CBH Set https://www.pcgs.com/setregistry/everyman-collections/everyman-half-dollars/everyman-capped-bust-half-dollars-1807-1839/album/345572
did the package go through LA?
i gotta believe that is not the only city the package looting madness is/has taken place in.
I think you need to talk to Hugh Wood for stuff like that.
No. The package was handed to me by the driver. It was empty. I handed it back and declined the delivery.
Successful BST with drddm, BustDMs, Pnies20, lkeigwin, pursuitofliberty, Bullsitter, felinfoel, SPalladino
$5 Type Set https://www.pcgs.com/setregistry/u-s-coins/type-sets/half-eagle-type-set-circulation-strikes-1795-1929/album/344192
CBH Set https://www.pcgs.com/setregistry/everyman-collections/everyman-half-dollars/everyman-capped-bust-half-dollars-1807-1839/album/345572
250$ ?
11.5$ Southern Dollars, The little “Big Easy” set
You need to have documentation from a recognized expert or 2 that the slab indeed has value. Of course you also need to insure it for $13K too.
a copy of the sales price
Your insurance company may only insure the coin and holder unless you declare its full value and show supporting information to back up your valuation. Only the insurance company can give you a true answer. Don't rely on board member guesses.
I don't have any experience with insurance payouts but my guess would be they would cover your cost and not speculations about what it might be worth if put up for sale.
@Lakesammman... I am not knowledgeable when it comes to slabs and the different generations/providers. Why is this one worth so much money? Cheers, RickO
It depends what the per item limit is under your policy. If you are seeking a claim from the US postal service, it will depend on the limit the package was insured for. I suspect that because the so-called plastic is rare, that can be documented in terms of establishing a value. However, the insurer is not obligated to pay an amount in excess of the limit the item is insured for. You may run into a problem with whether the item should have been sent registered because of the value. Good luck if this is real issue and not a hypothetical question
Experience the World through Numismatics...it's more than you can imagine.
I'd be more concerned about a USPS truck driving over it or it getting caught in a piece of machinery and thus destroying the slab. Good luck convincing the USPS that a plastic box is worth $10K.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
It's hypothetical so far, but bound to happen one of these days. Was hoping someone would have a real world story to tell.
Ricko - there are some slab generations that are rare and highly collected. The NGC black 1.0 and the PCGS white rattlers are but 2 examples. The plastic is usually worth multiples of the coin. There are rare exceptions, like a high relief $20 in a Doily.
I'll check with some 3rd party insurers today and let you know what I can find out.
You said if so it hasn’t happened. They ain’t going to make it easy. Can’t you buy private insurance ? Should have read your last post you already have that covered.
If you search, a very similar situation happened with I think Justacommem. Collectable Silver Bars that were worth more than melt. I don't recall the outcome.
It really depends on whether you can prove value. If you paid $10k for it, no problem. If you are imputing a $10k value, then you're going to need an expert appraisal and maybe a lawyer.
Please pardon my ignorance, but what can someone tell me about this particular slab?
The first generation NGC slabs are very rare and are in very high demand by vintage slab collectors. They have a black insert and were unpopular with dealers and collectors since toned copper didn't stand out in a black slab so NGC changed them to the white inserts soon after. Most of the coins in the NGC first generation slabs were reholdered and it has been estimated that fewer than 200 of the first generation slabs still exist. They are very hard to find and rarely appear in auctions or in dealer inventories.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
It’s a rare slab for sure but 10G’s???
If that’s the case why send it in?
Remember the story from some years back about the toned Peace dollar that disappeared in the hands of the USPS.The OP said that he got only $25 or so from his USPS claim. One would think that an invoice for the amount of the slabbed coin [WITH PICTURES] would be sufficient. If you can find someone at USPS who will answer the question that would be helpful.
Well, in general, insurance will compensate you for a loss. They will use the replacement value of the thing that is now gone. What you paid for it is irrelevant, at least technically. In no case will insurance cover more than the listed value.
Establishing the retail value of the thing and getting the insurance company to accept your number is the trick. For something virtually unique, the opinion of one or more unbiased experts in the field would be helpful. There are dealers who are quite familiar with rare slabs and handle them routinely. An opinion from one of them would be useful. Establishing the value of a unique Dan Carr items will be more tricky, but not impossible.
Insurance companies deal with the loss of unique items all the time but if they're on the hook for large sums, they'll sometimes slow walk it, try to avoid/evade liability, and generally make it hard for you to collect what you should. Persistence, physical evidence of value and loss, attorneys, and evidence may all be needed.
It was on the way back from ANACS? Do they self-insure? If so, your conversation will be with them. If they use a third party insurer, you'll need to work with them. If you are working with USPS insurance, you'll need a even more healthy doses of persistence. Nothing in the government was efficient before COVID, and it's even worse now.
Why would you be sending unless there was a sale? then you would have a value.
Yes, 10G's. I can vouch for that amount from a personal and very recent purchase.
Talked with Ship-and-Insure today, the 3rd party many of us use.
They said they would pay the insured value.
That being said, I would pay attention to prices realized in case you ever needed to prove the "value". There isn't always a sales invoice to prove the value of the shipped item - shipping to CAC or consigning a slab, for example.
I would never use USPS insurance, partly the extra expense, partly not wanting to deal with them if a claim ever did arise.
Thanks for the input - I found it helpful.